The Capstone Course, introduced in January 2025, represents a transformative shift in the assessment of aspiring CFP® professionals. Designed to simulate real-world financial planning scenarios, the course culminated in the submission of comprehensive financial plans by candidates. A total of 137 candidates registered for the course, with 132 submitting their financial plans. The overall pass rate stood at 42.42%, with 56 candidates achieving the required 60% competency threshold. The average score across all submissions was 51.90%.
Key Highlights:
- Candidates from FPI Approved Professional Practices achieved the highest pass rate at 83%, with an average score of 66.47%.
- Independent client-facing professionals had a 66% pass rate, while their corporate counterparts had a 43% pass rate. This aligns with historical Professional Competency Examination (PCE) results and seems to be related to more comprehensive mentorship programmes in smaller practices.
- Candidates with 3–5 years of experience demonstrated the strongest performance by experience group, achieving a 53% pass rate and an average score of 58.40%.
Assessment Integrity and Quality Assurance
The Capstone assessment was developed and moderated in collaboration with internal and external subject matter experts, incorporating international best practices. All submissions were rigorously evaluated using a detailed rubric, and 10% of plans were moderated through interviews to ensure fairness and authenticity. No evidence of academic dishonesty was found.
Candidate Feedback and Observations
Candidates praised the course for its practical value and relevance to real-world financial planning. However, assessors noted recurring challenges in plan integration, accuracy of calculations, and professional presentation. Many candidates approached the task as an academic exercise rather than a client-facing deliverable, highlighting the need for further guidance on structuring and communicating financial plans effectively.
Next Steps
Candidates who did not meet the competency threshold have the opportunity to request a remark or resubmit their plans, focusing on areas identified as needing improvement. FPI remains committed to supporting candidates through this process and enhancing the overall quality of financial planning education in South Africa.
Quote from FPI
This first Capstone cohort has set a strong foundation for the future of financial planning certification. While the results highlight areas for growth, they also reflect the dedication and potential of our candidates. We are confident that this new model will elevate the standards of our profession,
– said Nici Macdonald, Head of Certification and Standards at FPI.
About the Financial Planning Institute of Southern Africa
The FPI is a SAQA Recognised professional body representing financial advisors and financial planners in Southern Africa. Its mission is to promote the value of professional financial planning, uphold high standards, support its members with ongoing development, and advocate for responsible industry policies. Click here to read FPI’s company profile.
